Hello, welcome to Virtual Investor Conferences. My name is Scott Powell, President and Chief Executive Officer of Skyline Corporate Communications Group, LLC. On behalf of OTC Markets and Skyline Corporate Communications Group, we are very pleased that you have joined us for today's Small Cap Growth Conference. The next presentation is from TelyRx. Please note, you may submit questions for the presenter at any time. You may also view a company's availability for one-on-one meetings by clicking "Book a Meeting." At this point, I am very pleased to welcome Vanessa Slowey, Chief Executive Officer, and John Cascio, Chief Financial Officer of TelyRx, which trades on the OTCQX Best Market and on the TSX under the ticker symbol TELY. I'd like to turn the call over to Vanessa. You may begin. Thank you very much, welcome everybody. I want to introduce TelyRx. When did getting your medication become so hard? Now, not the rare or the complex, the everyday. Think of an inhaler, an antibiotic. The refill you already know you need. For most Americans, that's not hours, it's days, and sometimes that's weeks. We built TelyRx the opposite way. It's built around the patient. A patient picks from more than 450 everyday medications, and a licensed provider in their state approves it, and it can be at their door in as little as a few hours. No appointment, no insurance, no line. It works. $43 million in revenue last year, over 50% compounded quarterly growth rate, with 70% of that revenue coming from repeat customers, and we're two years in. Most healthcare companies would kill for any one of those numbers, and that's TelyRx. We're live in 48 states, and we're built to scale. Let me show you how we're going to do that. The wait is over. What we've built instead, we've built not a system designed around an insurer, the appointment, or the institution, but one that's designed around you. The wait is over. Who is this for? Well, most healthcare companies chase the rare and the complicated. We went the other way, straight at the everyday. With more than 450 medications, think antibiotics, chronic conditions like asthma and diabetes, men's and women's health, skin, the routine stuff people deal with all the time. These are the cases where the patient already knows what they need. They're not looking for a diagnosis, they're looking for access. Here's what we've learned. That people will pay cash for that, even people with insurance. Because the real cost was never the price of the drug. It was the appointment they couldn't get, the afternoon they lost, and the days they waited. We're giving them that time back. For every medication, convenience wins. I told you the wait is measured in days. Here's what those days actually go. The pharmacy line is just the last step. It starts before you fill anything. The average American waits over three weeks just to see their family doctor in Portland. If you're in Portland, that's 44 days. In New York, that's 26 days. The visit itself. You drive over, you sit in the waiting room, temperature, weight, blood pressure. Go in, the doctor takes one look and prescribes the inhaler you already knew you needed. Back in the waiting room, the insurance debate, co-pay or not, and finally, the prescription in your hand. You're still not done. Now you drive to the pharmacy and stand in line. Every one of these is a place the old system makes you stop and wait. Watch what we replaced it with. three steps. You choose your medication. A licensed provider in your state reviews and prescribes it, and we dispense it and ship it straight to your door. That's the entire journey. One click instead of all of that. Now, you've seen the steps, but here's what makes it different. It's what's not in it. No appointment, no membership, no insurance. None of that friction we just walked through. The pricing, it's just as simple, because you pay the cost of the medication plus a flat $22 physician fee. That's it. No co-pay roulette, no surprise bills three weeks later. You know the price before you order. That's the whole model. Simple enough to explain in just one slide. Here's the portfolio. Eight clinical categories with more than 60 conditions and over 450 generic and branded drugs. The important thing here isn't the breadth, it's how deliberately we've chosen it. We built this portfolio for broad reach with minimal complexity. No controlled substances. High use, low risk. The medications millions of people take routinely. We're evenly split across men's and women's health. There's nothing exotic, nothing that needs a specialist. Here's what buys us. There's no concentration. We're diverse right across those categories with no single product carrying the business. That matters because a lot of digital health companies live and die on the one drug or the one trend. When that trend cools, well, so do they. We don't have that exposure because no single drug, no single category, no fad drives TelyRx. That is durability. It's a real differentiator from the lifestyle players who I'll come to when we look at the competitive landscape. We're 100% cash pay, no insurance. Why would patients pay cash when they have insurance? Well, it's because the alternative is three weeks for an appointment and an afternoon in line. We're 100% cash pay, and patients are choosing us anyway because for everyday medication, a transparent price, and same-day access, a coverage they have to wait three weeks to use. Here's why that matters for us. Being cash pay is exactly what lets us to own the entire chain, physician access, dispensing, and fulfillment end to end. The big players can't do that. Amazon, CVS, Walgreens, they're all built around insurance. It's the core of their business, and they're not walking away from it to chase our lane. It's not just that they won't, it's that they can't easily build what we've built. Because the moment you serve a patient using insurance, federal Self-Referral and Anti-Kickback laws turn integrating physician prescribing with your own pharmacy into a compliance minefield, and that's the world of CVS and Walgreens and Amazon that they live in. Every one of them touches government reimbursed dollars. We don't touch a single one. That's our entire body of law simply doesn't apply to us. For them, that's a regulation wall. For us, it's an open road. Everyone in healthcare is fighting over the same $585 billion insured prescription market. Elbows out for market share. Everyone's crammed into that same room. Meanwhile, right next door, there's a $98 billion cash pay market growing at 40% a year. Almost nobody's serving it. The big pharmacies can't because their whole market runs on insurance. It's just us sitting there wide open. That's the market we're in. Here's the kicker. Patients pay us cash even when they have insurance. Just think about that. They'd rather pay out of pocket than use the coverage they're already paying for, because convenience is worth more to them. That's not a discount story. That's real demand. The market has shifted. Everything I've shown you depends on one belief, that the market has shifted and shifted for good. Let me tell you why we're confident this is permanent. Because it rests on three forces. Not one of them reverses. First, behavior. Patients have changed how they want healthcare. They want digital. They want control and clarity. They want easy access to a provider and their medication without the friction. Once people experience that, they will not go back. Second, the economics of the old model are breaking. Traditional pharmacies are seeing margins decline and they're pulling back, with 2,500 closed in 2024 alone, leaving 15.8 million Americans living in a pharmacy desert. That gap is not closing, it's widening. Third, the law. Well, federal law, self-referral, and anti-kickback rules structurally block the largest pharmacies, Amazon, CVS, Walgreens, from competing the way that we do. That's not a trend that can be shifted against us because it's fixed. Behavior, economics, and regulation, all moving in the same direction. That's not a moment. That's a permanent shift, and we're built for the world it creates. Those are the market dynamics. Now, how do we actually serve the market? This is where it really gets interesting because we do it with remarkably little capital. We've got two licensed pharmacies, one in Clearwater in Florida and the other in Dallas, Texas. Between just these two facilities, we're reaching about 97% of the U.S. population across 48 states. We place them deliberately right next to major air hubs. We get delivery times and shipping costs at the same time. Here's the number that matters. These two pharmacies can handle 250,000 prescriptions a month. Today, we're running at about 2,600 a day, so nowhere near capacity, which means we can keep growing significantly before we spend another dollar opening a third facility. That's the model. National reach, minimal capital, real room to run. John's going to show you what happens when you put a model this simple in front of a market this big. Over to you, John. Thank you, Vanessa. This slide provides a strong understanding of how we drive revenue and what we've accomplished to date, and also where we're headed. To start, we are a data-driven, technology-enabled platform and have created a predictable cadence of growth. We drive revenue by, one, attracting new unique customers, and two, along with maintaining strong revenue from our repeat customer base. This chart is a quarterly revenue from both the new and recurring customer base. The new customer revenue is reflected by the black section. We attract new customers by getting them into our store, and our store is the website. We drive traffic to our website through digital advertising, primarily paid search and social media channels today. To highlight the predictive nature of the business, let's start with the first month of monetization, which was January of 2024. In that month, we did $57,000, and in month two, February, we did $150,000 of revenue. Having two months of funnel metric data, which really consists of the traffic, paid clicks, how many clicks did it take to get one customer, and the cost per clicks, et cetera, we forecasted that in year one, we would do $9.6 million in top-line revenue. We essentially nailed that coming in at $9.5 million for the year. Based on that same exact funnel metric and assumptions for year two, which was 2025, we set our eyes on achieving $40 million of top-line revenue. Again, we beat that, finishing up at $43 million of revenue for 2025. Continuing on that strong path, we generated $19.4 million in Q1 of this year. We've proven that the model works, this revenue has also the appearance of being a subscription model, even though we are not a subscription business. As we turn our attention over to the customer unit economics. On average, a patient's first order is $104. That consists of the sales price of the medicine that we sell, a $22 flat doctor visit fee, and shipping and handling. We average about a 55% gross profit margin, which gives us $58 on that sale. Taking into account the average customer acquisition cost of $113 and another $4.50 for a variable fulfillment cost means that we lose $60 on that first transaction. What we have seen is we've built trust in the customer, and the customer is coming back, increasing their cart size by on average 15%, getting that second transaction to $115. Well, you only get that second transaction on the bottom left-hand side. Maintaining the same 55% gross profit margin yields $64 in gross profit. We no longer have a customer acquisition cost because of the recurring, and then we make $60 on that second transaction. The average payback period is about three months, and today the average customer order value is $110, taking into account both the new and recurring customer. On the right-hand side, this answers the question, John, what is the speed in which your customers are coming back and making that follow-on transaction? What we've seen is nearly 50% of our customers are repeat customers. Looking at their behavior, 20% of those customers have made their second purchase by day seven, and by day 30, 60% of the customers have already come back and made their subsequent purchase. Really shows the trust that we're building with our customer base. Continuing further, looking and understanding the economics at the customer level. This chart shows the cohorts of our lifetime revenue for each one of our customer groups for the period in which they made their first purchase. We launched nine quarters ago, so there are nine lines reflected in this chart. As I mentioned earlier, the first transaction has an average order value of $104. As we really dig in and analyze the cohort of the Q1 2024 customers, they've driven a lifetime revenue of $524 through that period, and that amount continues to grow with each passing quarter. The other lines represent all the other cohorts that we've experienced to date. As you can see, they're all tightly aligned, each showing the same trajectory of that lifetime revenue as every period passes. Which begs the question, how effective is TelyRx at bringing in the new customers onto the platform? We've onboarded 69,000 unique customers in that Q1 2026 period. We focus on the return on marketing spend. Based off the lifetime revenue metrics and our new customer performance, we're extremely focused on our marketing efficiency. Since inception, for every dollar that we've invested in our marketing spend, we've seen a return of $3. We believe that number has room to expand as we continue to build our customer base and layers of those more repeat customers. As we move on to the next slide. The primary objective of our marketing plan is bringing more people to our store, and our store is the website. To achieve that, we believe our marketing materials must focus on who we are, what our service offering is, and our brand promise. So far, our message is resonating with our customers. The ease of interacting with the website, the transparency of the cost, and the convenience of our service offering has really allowed us to achieve the growth that we've seen today. This chart here shows the success of that marketing plan. You can really see the correlation between the website traffic over time plotted against that revenue growth, and the relationship is clear. As we continue to drive and scale and increase that traffic, the revenue follows suit. Since inception, we initially utilized third-party digital marketing campaigns or providers to manage our keyword strategies. In the start of Q4 2025, we have successfully internalized 100% of our marketing resources in-house. We've invested in dedicated analysts focusing on our Google keyword campaigns and dedicated analysts for our social media campaigns. In addition to that, we've also built out a robust team to purely focus on the content creation, to focus on driving organic traffic to the website. With these investments, we do believe we will continue to scale and improve from where we are today. Moving into our financial performance. In 2024, we drove $9.5 million of top-line revenue, 37% gross profit margin with essentially flat adjusted EBITDA and free cash flows. As we look over to 2025, we continue to execute on our plan, driving $43 million of that top-line revenue. We improved our gross profit margin from 37% to 55%, and adjusted EBITDA and free cash flow were relatively flat. Looking at our Q1 2026 financial performance, it's largely consistent with what we saw in the growth for 2025. Having driven revenue to $19.4 million while keeping 55% gross profit margin. We had about a $2.3 million adjusted loss, again, driven by the investment in the customer acquisition, while operating free cash flows were approximately breakeven. We have a high revenue visibility due to our customer retention rate, we have a high degree of discretion on our spending, as is largely focused on marketing for customer acquisition. Again, as a reminder, 47% of our new customers convert into repeat customers. Again, 60% of them make their second purchase within that 30-day period, 98% of those repeat customers making their follow-on transaction by 90 days. With that, I'll hand it back over to Vanessa to talk about our competition. Thanks, John. Let's look at the competitive landscape, and let's talk about the competition. Let's talk about it honestly, because the interesting question isn't who does this today, it's who could. Start with the landscape. Look at this as four categories and just watch the pattern. The lifestyle players, Hims, Ro, Thirty Madison, they're cash pay, integrated, smart businesses, but they're narrow. For the four or five lifestyle conditions, a handful of products. They went an inch wide and a mile deep. You have the digital pharmacies, the couriers, they'll deliver, but you have to bring your own prescription. There's no integration. There's the mail order, Amazon and CVS. It's the same gap, and they're built around insurance. You have the pure telehealth, Teladoc and the like. They'll connect you with a doctor, then hand you a script and send you right back into the pharmacy line. Here's a pattern. Lifestyle is too narrow. Pharmacies don't prescribe. Telehealth doesn't dispense. Every one of them is missing a piece, and it's never the same piece. We hold all of them, 60+ conditions, our own pharmacies, our own provider network, cash pay end to end. I guess the question you're all asking is: Well, couldn't someone assemble these pieces and come after us? Honestly, they could. Let me tell you why they haven't and why it's harder than it actually looks. The players best positioned to build this won't. That's CVS, Walgreens, and Amazon, because they'd have to walk away from insurance, that's their entire business, and step into the self-referral and anti-kickback exposure we just talked about. They're structurally blocked. The lifestyle players would have to abandon the narrow, high-margin niches that they've built around and go broad. That's not an adjustment. It's becoming an entire different company. Which leaves a brand new entrant. They'd have to build it all at once. Licensed pharmacies in the right state, a provider network across 48 states, and a cash pay acquisition engine that actually returns more than it costs from zero. While we're already at a $43 million in revenue compounding, with an infrastructure built and running at a third of capacity. Can someone follow us? In theory, yes, but they'd be starting the race we're already two years and $43 million into, against the grain of everyone who already has the parts. That's the gap. We're the only ones standing in it. We've seen the size of the opportunity. The only question is whether this is the team to take it. My story and this company's are the same story because I grew up in my parents' pharmacy in the west coast of Ireland. We lived above the pharmacy. I then spent 25 years scaling complex regulated businesses. A $2 billion P&L across 27 markets. I built Digicel Pacific and sold that to Telstra for $1.85 billion. I founded Myanmar Tower Company and exited for $220 million. Pharmacy is where I started. Scaling is what I've done ever since, TelyRx is both at once. I haven't built this alone. Big Four financial rigor is John, our CFO. Commercial, marketing, and brand scale is Peter, our CRO, a digital acquisition engine run by Raf out of AdTech acquired by Google and Microsoft, a deeply experienced clinical team. Every discipline this business needs is built in deliberately, more than $3.3 billion in exits across the team. We scaled hard things in hard markets before, this is the team that can do it again. Now, John, if you want to say a few words about your background. Yeah. Thanks, Vanessa. Started my career off at PricewaterhouseCoopers as an auditor, auditing both public and private companies. After that, I've exclusively worked for private equity firms in the high-growth e-commerce space. Thanks, John. Okay, let's bring this all the way back. Everyone needs medication. Universal, constant demand. What people want is exactly what we've built. Fast, simple, transparent access without the wait and without the insurance maze. I don't want to leave you with a concept or even with last year's numbers. I want to leave you with what we just delivered, our first quarter as a public company. In Q1, we had $19.4 million in revenue. That's up 180% on the same quarter last year, up 35% on the quarter before it. It accelerated inside the quarter. March was our strongest month yet. 55% gross margins. A customer still costs us $113 and returns us $524. That's the whole thesis proven in a single quarter. The economics work. The market is $98 billion and wide open. The integration no competitor can easily copy. A proven model, an open market, and a real moat, and we're executing in all three. Here's what I'll leave you with. Most companies at our stage are still asking you to believe a story. We're not. The story's already on the page, public, audited, and accelerating. We've built the hard part, and now you get to watch us and scale it. Thank you very much. Good afternoon, everyone. My name's Neil Weber, and I manage investor relations for TelyRx. We've got a couple of questions from the audience. Please feel free to input them in the portal. First of all, are there any upcoming product category or geographic launches we should anticipate that are not fully reflected in your plan? Hi, Neil. I'll take this. We're focused on delivering on the business plan as it sits. The guidance that we gave the market a few months ago, we're very comfortable meeting that guidance just based on the same formulary. It'll continue to scale and grow without us having to expand any further into new formularies or new categories. Another question. Your LTV to CAC of roughly 4.3 x and a three-month payback are impressive. What levers do you see to further improve unit economics as cohorts mature? Sure. John, do you want to take this one? There's two components that we're focusing on the ratio you just described there. From a customer acquisition cost, we're continuing to improve our strategy and keyword campaigns. We're also investing in the organic traffic. So far today that's a very small component of our traffic. As we invest in the organic traffic, that'll improve the customer acquisition cost. Coupled with investing in our website, improving the UI/UX of that website, that improves the conversion rates of the users coming on our platform. As we think about retention, we have been building out a robust call center to really focus on the needs of our customers and our patients, and having more touch points with the customers in a strategic manner to get them back into our funnel. You highlight 450 generic everyday medications across 60 conditions. What additional categories or SKUs have the highest ROI to add next, and how quickly can you expand that formulary without stressing your operations? Yeah. Most of the formulary that we carry, we enjoy about a 70% margin on those categories. As we get better purchasing power, as our revenue increases, we feel that we will access better purchasing, better pricing, so those margins will increase further. But we don't see margin pressure coming on that. We see, in fact, an increase in margin, if anything. With 47% of new customers turning into repeat customers and a roughly three-month payback, what's the ceiling on marketing spend before you see that efficiency degrading, or you're losing your incremental benefits? I don't know if we see a ceiling. I feel like we're early into the life cycle, and we've got a lot of geographic area to continue to expand upon. Our marketing campaigns are nationwide and we are in 48 states. It's really, again, an improvement and refinement of our digital campaigns, coupled with that organic traffic. Building both the website and rich content on the website, so that we're also shown in LLMs. That again, continues to bring more traffic to our website. As we navigate each period, the main focus is what is our high-intent traffic and what is our customer acquisition cost? We are very prudent and responsible with ensuring that our customer acquisition cost is within our tolerable KPIs. As long as we're doing that, driving that new customer, we're in a good position for continued growth with an eye on margin expansion. Are there ways to squeeze more revenue per visit, per visitor, or per patient, given that website sessions have grown nearly 20 x since early 2024, while your revenue has ramped even faster? What does that say about your conversion funnel today? Again, are you able to find ways to squeeze more revenue or wallet share per patient and per visitor? Vanessa, I can jump on that. Yep. We are seeing an increase in our average order value on a recurring customer, and really what that is is the establishment of trust. As illustrated in the unit economics, the $104 on that first transaction, the user is taking a chance on that first transaction. They make that transaction, they receive the product as described, and service as promised, and they're coming back, and they're increasing their cart size on that second purchase. We are also adding other elements within our formulary of OTC products and getting smarter with how we bundle our products together to again, continue to increase that customer's basket size, which ultimately increases the average order value. Thank you. I think we've run up against our time.